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. that fiscal cliff and its potential impact on our economy brought lawmakers from both uses to washington for last-minute negotiations. concerns about the cliff spooked investors, the holiday shortened trading week was lighter in volume but higher in volatility. the worst decline of the month on thursday after a disappointing read on consumer confident and some public statements by congressional leaders. and yet with one final trading day to go, all the major averages were still showing positive performance for the year of 2012. meantime, the u.s. is set to reach the debt limit on monday. that according to treasury secretary tim geithner in a letter to congress, though, he did say he expects to take what he called extraordinary measures to extend the government's borrowing ability for another two months or so. and even your cup coffee, once a deal on the fiscal cliff. baristas at the 120 starbucks in washington, d.c. were encouraged by management to add a shot of partisanship to their drink orders and r remind customers i our nation's capital to come together. >> wall street is typically
beyond their control like the economy and the fiscal cliff? >> i think overall it was more probably 70 to 80% factors beyond the retailer's control. i think retailers had creative merchandise but i think the news didn't lead to a feel good factor. >> in any economy, good or bad, you always have some winners. who did really well this year? >> well, it looks like in terms of who did well so far, companies like american eagle outfitters limited, michael cors, macy's' tj and i would say costco was also a winner. >> on the flip side were there retailers that you had high hopes for going into the season but just didn't deliver in the end. >> certainly we will see some becoming more promotion al, some of the children's retailers, whether it was impacted by weather or there was competitive price and they did a good job at it, the children's retailers seemed to have a tougher season this year. >> now is the time of year when we shift into gift card sales. what most people don't realize is those sales get counted until the cards are redeemed. is that enough to save the season? >> not totally but
in the united states to strike a deal to prevent the economy from going over the so- called fiscal cliff. that is when a package of automatic spending cuts and tax rises comes into fact which could set the country back into recession. that less than 20 hours into the generate the first deadline. >> as night descended on washington, no deal precentors went home with a low over 24 hours to go before the huge austerity package known as the fiscal cliff, something almost nobody wants is due to descend on the american economy. >> we will come in at 11:00 tomorrow morning and that further announcements. >> if there's no doubt, the price of failure could be high. the average american, might see their taxes rise by as much as $2,000 a year. as spending cuts take money from the economy, a second american recession becomes a possibility. confidence in america will be shaken. the financial markets may take fright. president obama believes it is time for the wealthiest americans to pay more in taxes. he has made that part of his negotiating position. he criticized republicans for resisting these tax
to stop the economy falling off the fiscal cliff. talks are taking place before tax rises and spending cuts come into effect on january 1. the woman who's a gang rape sparked mass protest in india has died in hospital. doctors treating the 23-year-old say she was showing signs of severe organ failure before her death. thousands of iraqis are protesting, accusing administration of marginalizing them. the so-called fiscal quiff threatening the u.s. economy. have we are joined by an economics columnist with the washington newspaper. he says without an immediate deal, the discussion will significantly change in the new year. >> i think what we will see from the republicans is much greater flexibility as we get into the new year, if it comes to that. and, instead of voting for a tax increase, they are voting for a tax cut. the same policy, when you are voting for it on january 4, would be a tax cut. today, it would be a tax increase. it is a weird way of thinking about it, but we are a strange land, in terms of u.s. policy right now. heather is a sense the entire dynamic would change if we
if the economy goes over the fiscal cliff even the fed itself does not have you have enough tools to go over against the impact. in terms of lack of investment and in terms of businesses closing their doors and remaining sidelined still for quarters going into 2013. adam: well, lindsey, you again are an economist. which is worse, the spending cut from the sequestration or the tax increase? which hits us, 310 million of us are american citizens. which hits us worse? >> well generally when we talk about the difference between spending cuts or tax increases you have to think of taxes as having 1 1/2 times the impact because what that does, there is a trickle down, in fact. we pull out the dollars from investment that would otherwise go to growing businesses investing in equipment, capital and additional employees. right now that is the biggest impact we're not seeing businesses expand and absorbing out that additional labor supply sitting stagnant on the market right now. that is the biggest implication. that is not what we're going to see. adam: james, if i'm hearing her correctly the tax incr
. >> find some way to avoid the fiscal cliff, to avoid doing anything that would contract the economy now. >> does that mean extending the tax cuts? >> the real issue is not whether they should be extended for another few months. the real issue is whether the price the republican house will put on that extension is the permanent extension of the tax cuts. >> grur going to extend the tax cuts you're going to have 3.8 trillion added in ten years to the $16 trillion we already owe. i mean, have a drink. >> we can't keep giving the middle class tax cuts like the president says he wants to do and romney says he wants to do when we got -- when we have a trillion dollar deficit. >> just a few days before the election day and you're analysis of the polls have given the president better than 80% chance of winning re-election? >> the fact that the president leads in the polls in ohio and iowa states where you would need -- he would need to win 207 electoral votes means he's the favorite in the electoral college. >> this is the era of flation. bernanke is writing checks, mar maria. >> writing checks
with the fiscal cliff, we're not talking growing the economy, how do you split up the economy getting the tax revenue and the same thing with the longshoreman strike. which is probably going to happen they say there's absolutely no negotiation on this, they absolutely want to see more money coming to them and the other side absolutely no way in the world so that's going to take us from maine all the way down to texas much bigger than the strike we had on the west coast ten years ago. >> now, the president usually sides with the unions, we all know that, but in this case, a strike that really could have devastating consequences on the economy, particularly in the middle of the fiscal cliff negotiations. do you think the president might be more even-handed here dealing with the unions? >> well, i really don't know. you never know what this president is going to say and what policies are going to come out, but the longshoremen is an influential union. to see him go on the other side of it would be surprising, probably take a step back and not intervene too much. so, you know, it's a look and see
for businesses to invest in the u.s. economy. >>> still ahead on "worldwide exchange," fiscal cliff fiasco. president obama cutting his trip to hawaii short to work a deal that could avoid the fiscal cliff in a few days. we'll break down what's at stake in "your money." >>> if you got fewer presents under the tree, you may be ready. spending numbers are coming in, and they're not pretty. >>> plus, new numbers for apple's ipad mini and more. that's coming up on "worldwide exchange." >>> good morning and welcome to a special edition of "worldwide exchange." i'm jackie deangelis along with seema mody. ross and kelly are off for boxing day. they'll be back tomorrow. >> that's right. >>> let's get a brief check on the markets this morning. energy and metals are trading at this hour on the nymex. you see crude oil up .6%. brent crude also up. and take a look t yellow metal, gold. down just fractionally. now u.s. futures will begin trading in about a half-hour. the cme globex has been closed for christmas and will reopen at 6:00 a.m. eastern time. that also goes for treasuries and the foreign exc
of the economy, america would face higher unemployment and probably effect of recession. >> the fiscal cliff is a series of spending cuts and tax rises. the uncertainty is already hurting the economy here and americans are angry. >> there is no reason they can't sell it. >> i'm frustrated with all of capitol hill. it is a lot of people to feel that way. it is disgraceful what's going on and we have to put some people who will compromise and of these guys can do it, get rid of them. >> even if the deal isn't found, it won't fix america's budget problems. the government has been tried and found wanting. >> let's take you back to the scene of the greek capital, athens. we did not do it much just as we came to at midnight but the fireworks are under way. it is a country in the deep crypts of austerity budget is perhaps the greeks for getting the financial woes of the country for a few hours. let's leave this beautiful scenes in aphids and go back to the continuing saga on capitol hill. steve kingston is following develops -- following developments. >> both sides are expressing cautious optimism
market despite all the worries about the fiscal cliff and maybe slower growth in the u.s. economy, the stock market has had a great year. too bad you missed out. smart money has been in the market. the rest of us have been worried about the fiscal cliff. >> number 8, facebook's ipo, hundreds of millions of people like facebook, but investors did not. on its first day as a public company. trading glitches at the nasdaq and questions about the company's ability to make money on mobile users pummelled the stock which has yet to climb its way back to its ipo price. >> number 7, mother meyer. the new ceo of yahoo who announced she was going to take a two-week maternity leave. it looks like a mother's touch is just exactly what yahoo needed. >> number 6, mother nature. a drought in the midwest that scorched the corn and soy crop sending prices sky high. who can forget superstorm sandy. damages as high as $50 billion raising lots of questions about u.s. infrastructure and whether we should be spending money to fix it. >> number 5, china. is china slowing or leading the world? we do know
cliff gets resolved quickly without wrecking the economy. i think washington is the only thing standing in the way of a worldwide surge in growth and profits. not just in stocks but also in real estate. if you take washington out of the equation -- my job would be so much fun. blackstone should zoom higher. first off, if the fiscal cliff does get resolved people will pull money out of bonds. they should pull them out of bonds any way because deal if small will be inflationary. they're more likely to invest in aggressive alternatives with higher assets under management. for those of that you don't know, the private equity where you buy companies using borrowed money and you fix them up and flip them a few years later by taking them public. over the past two years, blackstone brought eight private companies in its portfolio public and in the next 12 months, they plan on doing another eight. it goes without saying that if we're in a bull market next year, blackstone will be able to realize much higher price which is it brings companies that it owns are public. this is a vicious cycle down.
the fiscal cliff will have on the economy and have on consumers and potentially lead us back into as you mentioned what a lot of economists believe, another recession. gregg: what happens when fourth quarter earnings come out? >> nobody is really talking about this. companies, fourth quarter ends in a few days from now. we haven't had many warnings come from companies but when you see consumer confidence falling, mastercard came out with their numbers on holiday sales only increasing .7%. well below estimates and historical averages and consumer is 70% of the economy we'll see a wave of corporations come out earnings in middle of january, end of january, come out much lower than expectations. as senator corker talked about today, the markets have held up very well throughout this, because a lot of people on wall street including myself believed a deal would get done before the end of the year. that is looking less and less likely. if nothing gets done you will see the market tank, less consumer spending. gregg: if consumer spending is 70% of the american economy, and it is clearly, this
higher unemployment and probably effect of recession. >> the fiscal cliff is a series of spending cuts and tax rises. the uncertainty is already hurting the economy here and americans are angry. >> there is no reason they can't sell it. >> i'm frustrated with all of capitol hill. it is a lot of people to feel that way. it is disgraceful what's going on and we have to put some people who will compromise and of these guys can do it, get rid of them. >> even if the deal isn't found, it won't fix america's budget problems. the government has been tried and found wanting. >> let's take you back to the scene of the greek capital, athens. we did not do it much just as we came to at midnight but the fireworks are under way. it is a country in the deep crypts of austerity budget is perhaps the greeks for getting the financial woes of the country for a few hours. let's leave this beautiful scenes in aphids and go back to the continuing saga on capitol hill. steve kingston is following develops -- following developments. >> both sides are expressing cautious optimism that the framework appears to
the fiscal cliff. anyone who has not taken advantage of the homestead tax credit better act fast. if you have two days left to save hundreds of dollars at tax time. postmarked by december 31, or you will have to wait another year. its stems from legislation enacted in 2007 by the state general assembly. homeowners must apply to maintain eligibility for the credit. still ahead, aerial volunteers spent the holiday serving others. an organization will help keep hundreds and warmer this winter. and that when a missouri school did to put a smile back on their custodian's face. >> the weather is going to turn active as we had through the next of the week. partly to mostly cloudy. 36 at the airport. excuse me, sir i'm gonna have to ask you to power down your little word game. i think your friends will understand. oh no, it's actually my geico app...see? ...i just uh paid my bill. did you really? from the plane? yeah, i can manage my policy, get roadside assistance, pretty much access geico 24/7. sounds a little too good to be true sir. i'll believe that when pigs fly. ok, did she seriously just say
. that is all that remains before our economy falls off the fiscal cliff. tonight we're learning congressional leaders will convene at the white house tomorrow for last-minute talks to avoid tax increases and spending cuts. kron 4's justine waldman has the latest. >> reporter: the economy is getting very close to falling off the fiscal cliff. though a last minute plan could be in the works. on friday, congressional leaders will meet with the president to discuss the standoff. obama and congressional democrats want a deal that would let tax rates rise for the wealthiest taxpayers. many republicans remain against any tax increases. the white house meeting would be the first time the president has huddled with all four leaders since november 16. the senate is back in session. majority leader harry reid is starting to sound pesimistic. >> "i have to be very honest. i don't know how it can happen now." >> reporter: the house is still on christmas break. but will meet sunday evening, a little more than 24 hours before the "fiscal cliff" arrives. but it's not clear what legislation it might consider
? >> well, it's funny how we talk about the fiscal cliff and we ignore the fact that our economy is no better off than we really were say even two years ago. for the fed to come in with 6 1/2% unemployment rate in their last meeting. it would take four to five years of 200,000 jobs per month. we are going to be nowhere near that. these politicians are using that at some sort of leverage to get what they want. we can't afford to have any trip-ups. david: i agree with you, we should be growing at 3, 4 percent not this anemic rate we're growing at, we won't be able to regain what we have lost for a long time. if we go off with the fiscal cliff, will we immediately go into a recession? >> i will go one step further, yes. i think we absolutely go into recession. that would knock between 2 and 4 percent off our gdp right away. this is the doomsday scenario, but that ten year rate now is 1.75ish. a lot of folks are calling it to 2, 2 1/2, maybe evenn3 because they are looking through rose colored lenses that i don't have. i think we could see that rate under 1% before it gets up to 2 1/
.s. economy going over the fiscal cliff. the president will meet with congressional leaders at the whiteout at about 3:00 p.m. eastern. speaker john boehner has called the house back into session sunday evening. house majority leader eric cantor is telling members to be prepared to work through january 2nd. both sides are still far apart on taxes and spending cuts. spending majority leader says harry reid says prospects for monday are unlikely. senate majority leader believes there is still time for an agreement to be reached. >> republicans aren't about to sign a blank just just because we find ourselves at the edge of the cliff. that wouldn't be fair to the american people. >> alistair newton joins us here as a new reuters poll shows americans blame republicans more than democrats or president obama for the fiscal crisis. 27% cited the gop is responsible. 16% blaming the president, 6% pointing to the democrats while 31% said they would blame all of the above for going over the cliff. alistair newton, you've seen the attitudes of the american people. i guess we're going over the cliff. >>
to reach a deal with poison u.s. consumer spending. the fiscal cliff would trigger tax increases and government spending cuts in january, leaving far less money in the economy. the international monetary fund warrants of knock on effects for the global economy. -- warns of knock on effects for the global economy. the pressure is on in washington to agree on a plan. only then might the applause on wall street be a little more genuine. >> with the clock ticking ever more loudly in washington, let's bring in our correspondent. first off, are the prospects of an agreement as dim as we are hearing, or could there be a last-minute deal? then of course this could happen, but i think it is quite unlikely. there is an increased pessimism that a deal can be achieved in washington, d.c. from my perspective, i think washington moves too slowly. tax rates will go for all americans, and cuts will go into effect by the end of this year, and we will see no more unemployment benefits for about 2 million americans. >> there are some technicalities here. what are the government's contingency plans?
the rest of us. he also referenced the impending fiscal cliff, which threatens to derail the economy if a compromise isn't be reached by next week on those big, unanswered issues. with both sides locked in a standoff, house republicans are calling on senate democrats to act first. democrats aren't budging much on their demands. they want to extend tax cuts on incomes below $250,000, prolong unemployment benefits and delay those sweeping spending cuts. while many republicans oppose new taxes for anyone, senator kay bailey hutchison says she's looking for compromise, alluding to house speaker john boehner's plan "b" that was met with stiff opposition from his own party. >> i think $250,000 is too low a threshold. a lot of working people who are couples would exceed that, and i don't think we need that kind of shock to the system. however, i've talked to some of my democratic colleagues, and they are saying maybe in the $400,000 or $500,000 category we could set a benchmark. i do think it is essential that we start talking about what amount can be passed on a bipartisan basis, because y
of $100 billion last year. as the u.s. economy moves rapidly toward falling off the fiscal cliff, president obama is about to give a final push. negotiating with congressional leaders from both political parties. from the democrat-controlled senate, top democrat harry reid, and the top republican mitch mcconnell. senator reid says there is no time to reach a deal. mr. mcconnell says he is more optimistic. then from the republican controlled house of representatives, the top republican john boehner has rejected president obama's previous offers and the morse -- most senior democrat in the house, nancy pelosi. what is the cliff and can be avoided? >> the house of representatives will be going back into session sunday but at this point we do not know what kind of measure they have before them that they can consider for a vote. there has been no indication from the white house or the republican leadership that they are anywhere near any kind of makings of a deal that they could present to the house republican leadership -- or the house republican rank-and-file who so far have been ad
. barring anymore drama for the fiscal cliff what is going to drive stocks higher. >> most global economies willhat quarter by 2 2012 and much of 23 will be a recovery year. also in the u.s. we are looking for 2-point 2% growth and expanding in 2014. and in an in an earnings perspee we saw the trough early this year and going into 2013 see a nine and a half percent increase in u.s. earnings for the s & p 500. >> that is encouraging becausetl up when they all come out for the fourth quarter you are expecting them to be up to 3 and a half percent so nine and a half percent is a big jump. i can see why you a optimistic on stocks. le's go over the sectors that you think could go well. you have selected three areas. consumer discretionary stocks and consumer and healthcare. tell us why. >> to continue with the story . we argeneral wehave a three andt discount. in terms of consumer discretionary and industrial we are in the favorable seasonal period i saul the call them the stocks do better. we are looking at relatively good earnings growth and from a technical persia perspective wee the mopomme
drama for the fiscal cliff what is going to drive stocks higher. >> most global economies willhave recorded their weakest quarter by 20 2012 and much of 2013 will be a recovery year. also in the u.s. we are looking for 2-point 2% growth and expanding in 2014. and in ant in an earnings perspective we saw the trough early this year and going into 2013 see a nine and a half percent increase in u.s. earnings for the s & p 500. >> that is encouraging becausethe earning you tally them all up when they all come out for the fourth quarter you are expecting them to be up to 3 and a half percent so nine and a half percent is a big jump. i can see why you are optimistic on stocks. let's go over the sectors that you think could go well. you have selected three areas. consumer discretionary stocks and consumer and healthcare. tell us why. >> to continue with the story ofthe march coat in market in gent. we aregeneral wehave a three and a half percent discount. in terms of consumer discretionary and industrial we are in the favorable seasonal period i saul them call them the stocks do better. we
troubles for the u.s. economy if a deal to avert the fiscal cliff cannot be reached. jpmorgan's chief u.s. economist will join us live a little later on to explain the biggest risks in his view now that investors face. we're back in two. >>> if lawmakers fail to create a plan to avoid the fiscal cliff by january 1st, federal work study will be cut by over $76 million. and over 51,000 fewer students would receive aid. [ male announcer ] this is joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. i'd like to be optimistic. but it looks like they're going to blow. >> the real linchpin is whether john boehner can bring his troops along. that's a real tough one
of those worries about the fiscal cliff and maybe slower growth in trust economy, the stock market has had a great year. too bad you missed out. the smart money has been in the market. the rest of us have been worried about the fiscal cliff. >> number eight, facebook's ipo, hundreds of millions of people like facebook, but investors did not on its first day as a public company. trading glitches at the nasdaq and questions about the company's ability to make money on mobile users, pummeled the stock, which is on its way back to the ipo price. >>> number seven, mother myer. the new ceo of yahoo! who announced she was just going to take a two-week maternity leave. >> number six, mother nature, an intense drought in the midwest that scorched the corn and soy crop sending prices sky high. >> the ocean is just beyond. >> and who can forget superstorm sandy? millions of neighbors, their houses swept away without power, damages, and raising questions about infrastructure and whether we should be spending some money to fix it. >>> number five, china, is china slowing or leading the world? we do kno
in our economy as well, correct? >> the view here is that if we go over the fiscal cliff the concern is there's going to be a drain on income and thereby it will rayfect the housing recovery. 50 days since the election and in that 50 days the markets haven't been essentially changed. seen some nascent improvement in the housing numbers and employment numbers and a boom in m & a activity, $270 billion in m & a, best quarter since 2008 but going over the fiscal cliff puts us at peril in terms of lower income and higher regulatory burdens and just the uncertainty. >> brian, sometimes the media gets the blame for scare mongering and i'm going to therefore try to play the other side and the devil's advocate. is there a possibility that this fiscal cliff talk is a y2k moment? in other words, it's not going to be nearly as bad as we think? >> oh, i think that's a possibility. i think maybe there's a little bit of cynicism in the market and a lot of people in the sidelines which is one of the reasons why the vix is as low as it is. compare this to the negotiations surrounding the extension o
off the fiscal cliff kill this one bright spot in the economy which is housing why can't congress make a deal? it had months to compromise and there's nothiig out there. the dow is down 88. copd makes it hard to breathe, but with advair, i'm b. so now i can be in the scene. advair is clinically proven to help significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilator working together to help improve your lung function all day. advair won't replace fast-acting inhalers for sudden symptoms and shou not be used more than twice a day. people with copd taking advair may have a higher chance of pneumonia. advair may increase yo risk of osteoporosis and some eye problems. tell your doctor if you have a heart condition or high blood pressure before taking advair. if you're still having difficulty breathing, ask your doctor if including advair could help improve your lung function. get your first fu prescription free and saveon refills at advaircopd.com. >> announcer: you never know when, but thieves can steal y
on everyone immediately. if washington can't come to a deal on the fiscal cliff. >> you have less money in a difficult economy with little clarity. >> the economy will go down sharply. >> look at the number from the tax policy center. this is the average tax hit the families take on top of what they pay on taxes. those make between $40,000 and $50,000 pay extra $1700. >> if you manage to make over $200,000, it will be a big jump up. you will need to send a check to uncle sam for $14,000 initial dollars. $500,000 to $1 million pays $34,000 more. they want $215,000 on top of what you pay in taxes. >> the wealth manager says the money you have left as far as businesses also deal with their own tax hikes. >> you are going to see less money in your paycheck. >> the government has to bite the bullet with $1.2 trillion in spending cuts. more than half of that is to the defense budget. >> they say families may need austerity calculation before making big purchases. look at the money you have and the money you need in the future to decide if you need the next big picture. doug? >> doug: thank yo
meters. we have about 1,400 employees around the world. the fiscal cliff is scary and should be scary. another recession. higher unemployment. economic slowdown. tax money taken out of the economy. those are major concerns. we're going to have to react as a business and it could result in cutbacks. the fiscal cliff was meant to be something that nobody wanted to go anywhere near, and here we are about to go off it. we really need our elected officials to figure this out. come up with a reasonable compromise that keeps our economy growing and gives us some certain about the future so we can make our plans as business leaders. mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection, and because usaa's commitment to serve the military, veterans and their families is without equal. begin your legacy, get an auto insurance quote. usaa. we know what it means to serve. >>> fiscal cliff fears pushing stocks lower but we're well off tho
cliff talks heading into the 11th hour. >> u.s. economy is at stake here. >> you cannot pass a bill with just republicans. on a broad thing like this, you need both. >> but will anyone rise above and get it done? a debate from both sides of the aisle. plus guest host jason trennert on the impact for the markets. >> the final details on retail. the winners and losers as last-minute shoppers make one final rush to get the latest deals. >> i got it. i got it. >> the second hour of "squawk box" starts right now. ♪ chestnuts roasting on an open fire. jack frast nipping at your nose. yuletide carols -- >> good morning. welcome to "squawk box" on cnbc. >> love that sweater. that's unbelievable. we've got to fade in and out between the fire and that sweater. >> that's joe kernen, i'm andrew ross sorkin. becky quick is probably happily off at this point. in studios with his,000s on the market and the fiscal cliff this morning, jason trennert. >> that tie. >> he's got the red tie. >> santa tie. >> take a look at the futures, see how this half day of trading is setting up. looks like the dow
-minute agreement, none will see the picket signs sunday. >> economist worried if we do go off the fiscal cliff, it's now averted strike would have combined for a deadly one-two punch to the u.s. economy. now the overall deal is at 100% signed off on by februar february 6, then we are right back to where we were this morning and again the national retail federation and the florida governor rick scott will be urging president obama to prevent a strike invoking the tap partly act and something not done since president george w. bush did it in 2002. back to you. >> doug: phil keating in miami. the so-called milk cliff that would also kick in to effect the lawmakers can't avoid the fiscal cliff they be averted now. hill source tells fox news and the senate agriculture leaders working on a year long extension of all farm programs. the source noted that the truman era law is so old it would take weeks to implement. even if the old law expires don't expect immediate spike if milk prices. >>> congress is still working to find agreement on the $60.4 billion emergency spending bill for hurricane sandy victim
ditch effort to stop the economy from going over the fiscal cliff. they only have until january 1st to avoid tax increases. >> highway patrol and local law enforcement agencies will be cracking down on drunk drivers this holiday weekend. there will be more patrols and extra dui check points all over the bay area. >>> the contra costa county districts attorneys office is investigating two separate police shootings. the latest happened last night. officers were called to a chevron station around 6:40 last night. they saw a man pistol whip a woman. the two officers opened fire. the suspect was taken to the hospital where he is in critical condition this morning. the two officers have eight years of experience between them. >>> we are learning more about the walnut creek police shooting we first reported at this time yesterday. two officers responded to a 911 call from an apartment on creek side drive. the dispatcher heard screaming in the background. when officers arrived they found the suspect anthony armed with a weapon. stunned friends say he worked as a hairdresser and often medita
. this isn't always a good sign about the economy. in the face of the fiscal cliff there is concern about what will happen with taxes and american consumers income in the new year. they're backing off of energy consumption. that is leading to lower prices. for the trading, overall volume is half of its 100 a average. we're seeing light participation in those markets and as of today crude down 8%. we are watching natural-gas prices as whether roles throughout the country. folks are using more natural gas pushing prices up, contrary to crude-oil prices going down, the energy report is daily, but it showed 72 cubic feet draw down in line with expectations but still a very big drawdown pushing prices higher. natural gas prices up 12% so far this year so folks are paying more to heat their homes than the same time last year. adam: thank yoo from the floor of the cme. retail sales of of the worst holiday season in four years. will there be discounts to help retailers close 2012 on a better note? joining us to talk about this is christian bets. may i call you kristy? >> yes you may. adam: a plea
. people have said that economists said concern about the fiscal cliff has already done damage. the economy, according to the cob is certain to fall back into recession and negative growth in the new year. is that higher taxes in a way a death knell for the economy or whole picture, of increased taxes and increased spending and no meaningful deficit reduction? >> we're seeing some effect already. you're seeing that in numbers on consumer confidence, on christmas season spending and business investment in hiring. the higher tacks is not the end of the republic. it is bad for growth. but we can still have a strong economy. but i do think we need to deal with uncertainty of what are taxes going forward. this cliff deal is short-term deal. we need leadership congressman was talking about. i wish it was there i agree with him what we really need going forward. lori: congressman rigell, one last comment from you with regards to confidence in washington of the americans are fed up with the wheeling and dealing in washington and no compromise. is there anything you can say to reinforce our confiden
and really clarified what the fiscal cliff means to personal finance. that debate really seems to be acting, it's almost creating a sense of gravity that's pulling down different elements of the economies. >> now, remember what they're reporting here is a 0.7% gain in sales year on year. it's not about margins, not about excess inventory, not about how profitable they've been. that's why some of these stocks have fallen to an even greater extent as you can see. macy's, coach, gap, sears and nordstrom in negative territory. this is the first read we've had on the sales for the season until these guys come through one by one with their own figures. >> that's right. virtually every retailer down at this hour. weak sales of course heading into the holidays, but will retailers see a post-christmas bump? jane wells live at the grove in los angeles where card-carrying shoppers are looking for deals. >> reporter: people are here carrying bags in for returns, carrying bags out with new purchases, but some retailers are actually developing entire strategies for what's happening starting today. macy's
the bill through without pulling the fiscal cliff, our economy will improve the tax revenues from that will be more than he would get from the rich now. host: appreciate the call. let's go to oklahoma, a line for republicans. caller: i am so disgusted with both political parties. it seems they are putting their party before their country. and i want these politicians to know they are the ones that have been up there for years and spent all this money and now the average person will be the one who will have to pay, and i believe they are being bought off by the 2%. right is right, wrong is wrong, and to take away from the needy and cut food stamps from people who qualify -- it takes an act of congress to qualify. i cannot understand that these people are protecting the 2% of the country. host: jefferson city, missouri, you are on. go ahead. caller: yeah, i think boehner should be removed from the speaker of the house, and president obama should be in and his entire staff, including hillary clinton. i do not know if you have noticed but nancy pelosi, her eyes are consistently dilate
the democratic controlled senate to lead our economy to the edge of the fiscal cliff. congress people from both parties are searching for a bipartisan solution. that is the leadership that america needs, not what we saw from the president this morning ." those of the comments from speaker boehner. the house has gaveled out. we expect them back in about two hours. let's go to newbury port. caller: thank you for c-span. i do not understand where this $250,000 number comes from. i am 70 and have never been asked to make a sacrifice by any congress. it just seems to me that if the average income in most states -- to ask people making $125,000 or more, to ask them to contribute more, that seems to be a no- brainer. i do not see why people in this country are not ready to make a compromise. let's face it, we will either all have to pay slightly more taxes and accept the fact that our benefits are going to have to be lower than they really are -- i am in that bracket of $125,000 to $250,000. i am very comfortable, i could contribute more to the deficit, i just want to make sure that that money goes to
the fiscal cliff dividend taxes could triple. and that would have a significantly negative impact on our economy's ability to sustain growth. and think about, you know, this idea, this false idea, frankly, that it won't impact anybody that makes less than 250,000 or whatever the cap is you want. >> right. >> our average age of people that own dividend-paying stocks is about 65 years old. their average income is between 70 to $75,000. yeah, they're not subject to the $250,000 but in fact, if you reduce the after tax yield of these kinds of investments that people select because of their low risk and they use the dividends to supplement their retirement income, if you reduce the after tax yield, stock values drop. we have already seen that. david: because of all this breaking news i want to bring you back and i really want to focus you a little more specifically and dividend tax is something you're hot about but i want to talk to you about whether you're getting squeezed. i'm looking at 300 to $400 billion gap the president will have even after the tax increases. i think he will go after y
ahead? steve liesman has that for us. >> this could be the fiscal cliff game at home report. now that there is a plan in motion, can you see some of the things that are in play here. the revenue side of the fiscal cliff $520 billion, spending side, $130 billion. some piece of that is going to go away if indeed they do end up capping the increases of those at $400,000, 450 and above. we don't know how much. perhaps the vast bulk of it could go away. no discussion on wlornt automatic spending cuts for this year would be affected at all. there's the total 650. impact of the total fiscal cliff this year and by way of contrast or comparison, here is the gdp effect. we gained in nominal terms and that's why going over the cliff means negative growth, it means a recession. here is some of the detail of what we ever talking about here. 620 billion. that's the total revenue. depends on which numbers you use. moving on, per capitia effect, it affects different people differently. 26.2 million is the number of americans that will see an increase in taxes subject to amt that alternate taxati
bargain. so i don't really buy the aurm that if you smooth out the fiscal cliff, then you go on and do other things. >> with the speed bump, if you're going too slow, which the economy is, if it's a big one, you go up and you might want make it over. and then if you're going too fast, you go up in the air, take out your transmission. >> what happens if you have a low car? >> it's bad. you hurt your undercarriage. but spain and the undercarriage is not something any of us need. but i think that howard dean, we didn't have time to go back and get howard and stuff. but howard said the best deal the democrats are going to get is to go over the fiscal cliff. taxes go up, then you go the republicans in position where they're getting the lower taxes. then patti murray. >> i just hope that people are paying attention that what we are seeing is basically the best world for politicians, they put off the and then everybody is going to pretend, oh, it's something happened. and nobody in the meantime is representing the interest of the american people. you know, we've got both parties in a position
: what about the fiscal cliff and what that could do to the economy, the consumer and the consumer that would buy hp products, how concerned are you? >> well, that's certainly a short-term negative. and i can't -- i can't forecast what washington is going to do, but i think over the long-term, they've got the stuff to build around that you will see the stock do pretty well. ashley: all right. that's your prediction. we will see how it goes. in 2013 for hewlett-packard, thank you, george putnam, new generation research founder. really appreciate it. thank you. >> you're very welcome. thank you. ashley: all right. closing bell rings in just under 7 minutes. restaurants could face a tough year ahead. but oppenheimer says one restaurant can beat the odds. find out which one is the bright spot for 2013. that's coming up next. ♪ ♪ [ male announcer ] this is karen anjeremiah. they don't know it yet, but they' gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money.
.s. stock market. despite all those worries about the fiscal cliff and maybe slower growth in the u.s. economy, the stock market has had a great year. too bad you missed out. smart money's been on the market. the rest of us have been worried about the fiscal cliff. >> number eight, facebook's ipo. hundreds of millions of people like facebook, but investors did not on its first day as a public company. trading glitches at the nasdaq and questions about the company's ability to make money on mobile users pummeled the stock, which has yet to climb its way back to its ipo price. >> number seven, mother meyer. the new ceo of yahoo! who announced she was just going to take a two-week maternity leave as she tried to turn this company around. 37 years old, it looks like a mother's touch is what yahoo! needed. >> mother nature. an intense drought in the midwest that scorched the corn and soy crop, sending prices sky high. >> who can forget super storm sandy? neighborhoods along the northeast swept away, millions without power and damages as high as 50 billion dollars raising lots of question
... before the u-s economy goes over the poocclled "fiscal cliff." that's when automatic taxx increases and spending cuts would take effect. democrats wann to extend the bush-era tax cuts to everyone except ttose americans making 250- thousand dollars or more a year. but many republicans remain gginst any tax increases. if lawmakers don't peach a deal by january 1st... it could eventually lead to another recession. with all eyes on thh fiscal cliff... there's anothee deadline quickly approochinn that might have consumers concerned... the "milk cliff." it's part offa stalled farm bill... that includes nearlyy35-billioo- dollars in cuts. f the bill doesn't make it throuuh congress before the end of the year... the government will be forced tt buu vast quuntities of milk under a trummnnera law. that could send as 6 to 8 dollars ggllon... because the government would the wholeeale rate... under a pre-filed bill in the general assembly... is looking to make soft-shell crab... the official maryyand sannwicc.the senator richard colburn... an eastern shore republican.so dessert
. >> eric: thousands of jobs and billions of dollars are at stake but this is no fiscal cliff. this is the looming port strike threatening to shut ports from boston, miami and beyond. florida governor rick scott telling the media a strike will be devastating to his state's economy. governor's right but it's an entire nation about to get slammed. brent is the president of miller and long construction. we import -- we pointed out somewhere around 65% of international trade hits the ports. we import cars, we import produce, we import oil and gas. explain how this will affect the prices for people watching right now of everything. >> well, it will be very significant in a lot of ways. we're talking about eleven ports, basically from boston pretty much all the way around to houston. the reason governor scott is concerned is there are four ports in florida that will be affected. this is containerized shipping. electronic goods, food stuff and things like that. it could be massive impact, especially in this -- we had retailers getting trouble getting back on track. it will affect eve
. state department says it is willing to talk more about keeping the children safe. >>> fiscal cliff isn't the only threat to the u.s. economy. get a load of this. the container cliff. nearly 15,000 dockworkers from maryland to texas are threatening to strike, starting sunday, which could shut down more than a dozen key shipping ports and cripple commerce across the country. dock on workers are demanding higher container royalties to boost their pay. >>> did the newtown school shooter have an evil gene? scientists at the university of connecticut will study adam lanza's dna to see if a mutation or ab normality could have made him more violent? this is the first study of its kind on a mass killer. >>> jockeying started for john kerry's senate seat, even before it's vacant. massachusetts congressman ed markey throwing his hat into the ring in kerry becomes secretary of state, which is expected, a special election will be held early this summer. markey is the first prominent candidate to declare for the race. >>> love this story. paying it forward by paying it backward. a story of rampant g
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